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Genetic Testing Market Size, Share 2021 Global Industry Analysis, Technology Trends, Business Growth Opportunities, Competitive Analysis, Regional Revenue, Forecast to 2024

iCrowdNewswire   Jan 8, 2021  4:04 PM ET

Genetic Testing Market Insight

The rise in the occurrence of genetic diseases across the globe is one of the preliminary drivers of the global genetic testing market. The global genetic testing market is expected to grow at a CAGR of 9.8% over the forecast period which ends in 2023, asserts Market Research Future (MRFR) in an extensive study. 

The increase in the trend towards preventive healthcare has been a driver of the market. Genetic testing allows detection of predispositions towards various diseases such as cancer. Prenatal genetic testing has become immensely popular which allows for detecting any abnormalities in the fetus and is expected to provide scope for market expansion over the forecast period. 

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The rise in demand for personalized medicine is a key trend which is expected to bode well for the growth of the global genetic testing market. Information gained from genetic testing about an individual’s molecular profile facilitates targeted therapy which in turn spurs market growth. 

Technological advancement in genetic testing also stimulates the growth of the global genetic testing market. The global genetic testing market is expected to show a positive growth trend in the emerging market where the rise in incidences of genetic diseases and rise in geriatric population and patient pool assist the growth of the market. 

Issues related to health insurance could hinder the growth of the global genetic testing market. Insurance claims become unattainable if genetic tests show a hereditary disposition towards certain conditions. Other market constraints include inaccurate results and a dearth of medical professionals to conduct such tests. 

Genetic Testing Market Segmentation

The global genetic testing market has been segmented based on type, method, type of test, and indication. 

BY type, the global genetic testing market has been segmented into prescribed genetic testing, and direct to consumer (DTC) genetic testing. 

By method, the global genetic testing market has been segmented into Molecular Genetic Test/ DNA Test, Chromosomal Genetic Test, Biochemical Genetic Test. The molecular genetic test/ DN segment accounted for the largest share of the market in 2016. 

By indication, the global genetic testing market has been segmented into Cancer Testing, Neurogenetic Disorder Testing, Autoimmune Disorder Testing, Muscular dystrophies, and others. The cancer testing segment was the largest segment in 2016.

Genetic Testing Market Regional Analysis

The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for genetic testing. 

The Americas is the largest market for genetic testing and held a 46.3% share of the global market, led by the US. Continuous innovation in the field of genetic testing purveyed by high investment on R&D, high adoption of genetic testing, and the tendency of the region to adopt latest technologies drive the market in the Americas. 

Europe too is a significant market for genetic testing and is likely to reach USD 2,553.10 Mn by the end of 2023. 

APAC market is projected to grow at the fastest rate of 10.1% over the forecast period. Advancement in the medical field and rise in geriatric population supports the growth of the APAC market. 

Lack of infrastructure and awareness is likely to restrict the growth of the MEA market over the forecast period. 

Genetic Testing Market Competitive Landscape

PerkinElmer Inc. (US), Illumina Inc. (US), Abbott Laboratories (US), Bio-Rad Laboratories, Inc. (US), QIAGEN N.V. (Germany), Quest Diagnostics (US), and Myriad Genetics (US) are some of the notable players operating in the global genetic testing market.

Genetic Testing Industry Updates

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Market Research Future
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